EURJPY Trading Setup vol.2

This week has been a week of catchup. The Euro is trying to catchup with the British Pound in the post-Brexit effect both leading the way lower.

by: Colibri Trader

The EURJPY trade from last week is still in place. It has been down a decent amount of pips (almost 200). There is no reason to take this table off the table. The current trading environment is even giving me a sign of more selling pressure accumulating. I am looking at the daily chart of the EURJPY and all I can see are negative rejections. The daily candle is a pin bar like and I am looking to add to my short position. An ideal entry level for me would be 114.00. My stop loss would be placed around 115.30. My interim support and first target is the level of 112.00. My secondary price target is the level of 109.50.

Happy Trading,

Colibri Trader